TUPELO, MISS. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Avonlea Assisted Living, a 68-unit seniors housing property in Tupelo. The community was built in 1999 and renovated in 2005. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Mississippi that intends to renovate the asset and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. The sales price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB brokered the transaction.
AUSTIN, TEXAS — Newmark has brokered the sale of Water Oak, a 292-unit apartment community in South Austin. Built in 2022, Water Oak offers studio, one-, two- and three-bedroom units. Amenities include a pool, outdoor grilling and dining stations, a dog park and pet spa, clubhouse, entertainment kitchen, movie theater, business center with conference rooms and a fitness center. Austin-based JCI Residential sold the property to Chicago-based Sherman Residential for an undisclosed amount. Patton Jones and Andrew Dickson of Newmark brokered the deal.
WARRENSVILLE HEIGHTS, OHIO — Industrial Commercial Properties (ICP) has acquired the research and development (R&D) campus of The Sherwin-Williams Co. in Warrensville Heights, an eastern suburb of Cleveland. The purchase price was undisclosed. The 105-acre property includes several buildings. Sherwin-Williams has entered into a short-term sale-leaseback agreement with ICP, which plans to repurpose some of the smaller commercial structures on the site while it finalizes redevelopment plans for the R&D building and adjacent acreage. The property will soon be vacated by Sherwin-Williams, which is building a new R&D center in Brecksville and a new headquarters in downtown Cleveland.
CHICAGO — Chicago-based real estate investor and operator Northpond Partners has partnered with a southeast U.S. pension fund to form Northpond Retail Partners, a $200 million investment vehicle. The fund will target the acquisition of unanchored neighborhood retail centers with an initial focus across the Southeast and select Sunbelt markets. As an all-cash buyer, the partnership will target properties housing convenience, necessity and service-oriented tenants. Categories typically include food and beverage, medical, fitness, and health and beauty. Northpond says the multi-tenant properties ideally contain smaller spaces ranging from 1,000 to 5,000 square feet per tenant.
CLEVELAND — In a sale-leaseback transaction, MAG Capital Partners has acquired a 117,704-square-foot industrial facility in Cleveland. The purchase price was undisclosed. A global IT solutions and endpoint management company was the seller. Located at 4371 Pearl Road, the property was fully redeveloped in 2018. There are 38 drive-in doors and ceiling heights ranging from 14 to 21 feet. Blair Wood and Kevin Joseph of WWM Real Estate represented the seller.
SAN JOSE, CALIF. — Urban Catalyst, in partnership with a trust affiliated with the late local architect Thang Do, has completed the disposition of an approved multifamily development site in San Jose. The Santa Clara Valley Transportation Authority (VTA) acquired the asset for $23.4 million. The deal enables the buyer and a group of local government and transit agencies to redevelop the Diridon Station area. The transaction includes 1.2 acres spanning two adjacent parcels at 32 and 60 Stockton Ave., situated between a Whole Foods Market and SAP Center. Urban Catalyst acquired the site in two separate transactions for $15.1 million in 2021 and last year. Working with Do and his firm, Aedis Architects, Urban Catalyst received entitlements for a 20-story, 472-unit development project called Apollo. The project involved demolishing existing structures on the Stockton Avenue and replacing them with apartments ranging from studios to three-bedroom units. The planned development was unilaterally approved last year by the city. After Apollo received planning approval in November 2022, it was discovered that the site is within an area anticipated for future rail infrastructure, as a designated property among the right-of-way parcels needed for the first phase of California’s bullet train. VTA and the …
SAN JOSE, CALIF. — Brixton Capital has purchased Monterey Plaza, a shopping center in southeast San Jose, from a joint venture between Kimco Realty and Prudential Global Investment Management for an undisclosed amount. A FoodMaxx grocery store anchors the 178,204-square-foot, open-air property. Additional tenants include City Sports Club (an LA Fitness affiliate), Dollar Tree, McDonald’s and Taco Bell, as well as other restaurants, retailers, entertainment companies and medical-service providers. Brixton plans to re-tenant a former Walmart storefront and revitalize the shopping center, including new exterior aesthetics and landscaping. Nicholas Bicardo of Newmark represented the New York-based seller, while Brixton Capital was self-represented in the deal.
PORTLAND, ORE. — Beam Development and Urban Development + Partners have completed the disposition of 224 S.E. 2nd Street, a Class B flex building in Portland. Sherpa Design acquired the property in an off-market transaction for an undisclosed price. The sellers recently renovated the 14,589-square-foot former coffee production facility for the new owner, which plans to occupy the space itself. The 22-year-old product development, engineering services and manufacturing firm relocated and expanded to the 2nd Street space from another Portland location. Originally built in 1936, the three-story flex building offers creative office and light industrial space with large windows, 4,700-square-foot floorplates and high ceilings. Buzz Ellis of JLL Capital Markets and Annalore Rodman of JLL Agency Leasing represented the seller in the deal.
DURHAM, N.C. — IBM Corp. (NYSE: IBM) has sold a portion of the IBM 500 Campus in Durham, a city near Raleigh. The Armonk, New York-based computer hardware giant sold the property in a sale-leaseback deal. The price was not disclosed, but the Triad Business Journal reports it traded for $66 million. Located at 4205 S. Miami Blvd., the four-building property spans 774,000 square feet and is 100 percent leased to IBM. No plans were announced, but multiple media outlets report that the property is suited for future mixed-use redevelopment opportunities. The IBM 500 Campus sits on 146 acres next to Research Triangle Park (RTP), the largest research park in the United States. RTP is a district in the Raleigh-Durham metropolitan area that houses 375 private companies in technology and life sciences sectors who can draw talent from three established research universities: Duke University, University of North Carolina at Chapel Hill and North Carolina State University. IBM has had a presence in the RTP since the mid-1960s. Hines Global Income Trust Inc., a REIT managed by Houston-based Hines, purchased the IBM 500 facilities and leased them back to IBM. In addition to this acquisition, the firm is a partner developer on …
MIAMI — CBRE has brokered the $68 million sale of 5505 Waterford, an office building located in the Waterford Business District of Miami. The property totals 213,182 square feet and recently underwent a renovation that includes a new grand lobby, tenant lounge, 5,000-square-foot fitness center and the addition of a new level to the parking structure. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Marcos Minaya, Tom Rappa, James Carr and Matthew Lee of CBRE represented the undisclosed seller in the transaction. The buyer was also not disclosed.